Tomorrow marks Facebook's one-year anniversary as a publicly traded company. In the 12 months since its notorious IPO, the social media mammoth has made some significant strides, as well as some missteps.

Facebook snapped up Instagram, lost its cool factor amongst teens, flopped in the handheld device market -- all while attracting millions of new users across the globe. Here's a brief look back at Facebook's most notable highs and lows since the launch of its IPO:

May 2012: Facebook's IPO debuts disastrously. The stock price opens at $42.05 but closes at $38.23. Despite the lackluster performance and some technical snafus, some 500 million shares are sold and the IPO raises $16 billion. Facebook becomes the second largest IPO in U.S. history.

Research firm Nielson reports that Facebook usage continues to rise around the world, especially in Brazil, Italy and New Zealand. Two out of three Americans who are active online use Facebook.

July 2012: Facebook issues its first earnings report as a public company, announcing $1.18 billion in second-quarter revenue.

August 2012: At the 90-day trading milestone, its stock price continues to plummet to $19 -- half of its original price.

September 2012: Facebook announces that it has acquired Instagram. The deal is worth approximately $740 million, consisting of $300 million in cash and the remainder in stock.

October 2012: The company releases its third-quarter results, announcing $1.26 billion in revenue -- just slightly above analysts' projections. Facebook attributes 14 percent of its earnings to mobile advertising.

November 2012: Facebook's stock originally sold to investors for $38 per share at a valuation of $80 billion. At the six-month mark, it sells for $21 per share and is valued at $45 billion.

December 2012: At the final bell of the year, Facebook stock closes at $26.62, a far cry from its IPO.

January 2013: Riding a wave of earnings fueled by mobile advertising, Facebook reports that its fourth-quarter revenue totals $1.58 billion, outpacing expectations. Meanwhile, Nielsen reports that one in seven people throughout the world has a Facebook page. The stock price surpasses $30 per share for the first time in about six months.

March 2013: Graph Search launches, which allows users to search Facebook based on people, places, photos and interests. The new function pulls search results from information shared by users' friends and from public information shared on Facebook.

April 2013:Facebook Home, an app launcher for Android smartphones and tablets, is released. It replaces standard home screens with a steady stream of photos and posts from your Facebook friends. HTC becomes the first hardware manufacturer to offer Facebook Home pre-installed on the HTC First, a smartphone also known as the "HTC Facebook Phone."

May 2013: Facebook credits gains in mobile advertising for the growth of its first-quarter revenue of $1.46 billion -- an increase of 38 percent compared with the same quarter last year. The company's shares slide to around $26.